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Chinese e-commerce giant Alibaba has beaten market expectations with a huge jump in quarterly revenues fuelled by online shopping.
Revenues for the three months to September rose 61% on the same period a year earlier, to 55.1bn yuan ($8.3bn; £6.4bn). It also raised its revenue predictions for the full-year forecast.
Alibaba is expanding from its core online businesses to investments in supermarkets and stores. "We had an outstanding quarter," Alibaba chief executive Daniel Zhang said in a statement. "We are seeing the early results from our efforts to integrate online and offline with our new retail strategy".
For the July to September quarter, income from operations surged 83% from a year earlier, to 16.58bn yuan.
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Alibaba Revenues Surge 61% On Online Shopping
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The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
The reason that every major university maintains a department of
mathematics is that it's cheaper than institutionalizing all those people.
(Score: 0) by Anonymous Coward on Saturday November 04 2017, @06:34PM
Jeff Bezos, eat your heart out. Or the Chinese will do that for you.
Can't really bring myself to shed a tear for Amazon, either, since Alibaba is just "out Amazoning Amazon".
On the practical side, the one transaction I've made with Alibaba so far went perfectly well, and there hasn't been any detected fraud in the last year or so since.